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Mortgage Pay Down Progress

April 9th, 2015 at 07:20 am

Although I knew we would be moving this year, I still made a goal to pay off $5000 before the end of June on our mortgage. I actually hope the house will sell and close in June, which will bring us to a zero balance rather quickly.

The balance is lower by $2,351.63 as of April 1. I expect another $1179.88 to be paid off as of June 1, which will bring the total to $3,531.51.

I decided not to send all the extra I could have been sending in. I have been setting it aside though. Right now that amount is $744. I also expect to set aside another $620 by June 15.

All together that is $4,895.51. I was surprised I was short! I might have missed setting extra money aside one week. I'm going to count it as close enough since I do expect to get our escrow funds back which will be at least $1900.

It sure helps to make a goal and stick to it. If I didn't we wouldn't be in as good of position selling our home. I'm definitely happy about that!

3 Responses to “Mortgage Pay Down Progress”

  1. snafu Says:

    Great progress on paying down your mortgage in anticipation of selling. I hope you reward yourself for such forward planning. The cash to mortgage differential has potential for a surprise. I presume you are reimbursed for all selling costs like realtor fees, legal and closing costs. Since the move is work related, costs/expenses/disbursements not covered by employer becomes a tax deduction..

    Is your new location HCOLA or is housing per sf about equal? It's been my experience that it all comes down to the interest rates which are regional in spite of the fact that general interest rates are federal. Are there regional lenders whose mandate has them searching for a larger client base? Can your relocation service make suggestions for you to explore further? Our system is quite different, I found myself talking to lenders, asking them for their very best terms since we would be transferring all our financial streams to their organization. What do you think?

    On the home front...Will your home go to 'pocket' showings while you're away on your upcoming trip? Will MLS kick in immediately?

  2. FrugalTexan75 Says:

    Great job!

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